2-18-319. (Temporary) Termination incentives for teachers' retirement system members -- exceptions. (1) Except as provided in subsection (5), a person who is a full-time, active member of the teachers' retirement system on February 1, 1995, and who is employed by the state is entitled to the voluntary termination incentive provided in subsection (2) if:
     (a) the employee is eligible for retirement under 19-20-801 or 19-20-802; and
     (b) the employee:
     (i) voluntarily terminates on or after June 25, 1995, but on or before July 5, 1996; or
     (ii) is involuntarily terminated because of a reduction in force on or after February 9, 1995, but before June 25, 1995.
     (2) The termination incentive paid to a terminating eligible employee must be an amount equal to 1 year of the combined member and employer contributions established in 19-20-602 and 19-20-605 for each 5 years of creditable service within the teachers' retirement system, not to exceed the amount of combined contributions for 3 years. An employer shall use the employee's final year contract or salary to calculate the incentive amount.
     (3) A member who terminates employment under the provisions of subsection (1) and who returns to employment in a position in the teachers' retirement system, except as provided in 19-20-804, shall refund the voluntary termination incentive to the terminating state agency.
     (4) To qualify for the termination incentive authorized in this section, the participant shall notify the state in writing of an intent to terminate employment no later than 30 days prior to termination or December 31, 1995, whichever is earlier.
     (5) An employee of the university system or of the commissioner of higher education is excluded from 2-18-320 and this section. (Terminates July 6, 1996--sec. 5, Ch. 49, L. 1995.)

     History: En. Sec. 1, Ch. 49, L. 1995.